Insights
In-depth research and data-driven insights on quantitative finance, factor investing, risk, and ESG from the TEJ research team.
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Fundamental Factor Research: Monthly Revenue Information – part1
The Taiwan equity market possesses a rare institutional advantage globally: under the Securities and Exchange Act, listed companies are required to announce and report their operational results for the preceding month by the 10th of each month (Exception: starting from FY2026, insurance companies and entities with insurance subsidiaries may extend their disclosure deadline to the 15th of each month). This is commonly referred to in the market as "Monthly Revenue".
Factor Research – Tracking Smart Money Footprints via Foreign Institutional Concentration – QFII Part 1
Track QFII ‘smart money’ footprints in Taiwan large-cap stocks! Learn how the Foreign-Institutional Trading Concentration (conc_qfii) factor predicts returns.
Empirical Research on Behavioral Factors in the Taiwan Stock Market: A Case Study of the Share Distribution
In an AI-driven Taiwan stock market, mastering chip distribution (ownership structure) is the key to profitability. This study delves into the Share Distribution data from the TDCC, transforming 15 tiers of shareholding data into behavioral finance factors such as investor attention, opinion dispersion, and retail speculation. By utilizing Fama–MacBeth two-stage regression and the alphalens-tej quantitative tool, we precisely validate the predictive power of psychological biases on stock returns, providing investors with actionable Alpha strategies and robust risk management solutions.
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Industry Insights
High-Speed Transmission IC Design Industry Overcomes Inventory Peaks, Paving the Way for New Opportunities
With the advancement of technology, the amount of data computers need to process has become increasingly massive. The transmission speed of computers in the past has become insufficient to meet the demands of next-generation high-speed computing. Therefore, when faster transmission interface specifications are introduced, high-speed transmission IC design companies must also increase their investment in developing related products. However, in recent years, high-speed transmission IC design companies have experienced declining revenues and profits. After a two-year inventory adjustment period, by the second half of 2023, most manufacturers’ inventories have returned to a healthier level. Additionally, with inflation gradually cooling down and the surge in AI demand, terminal demand is expected to gradually recover. This article will introduce you to the high-speed transmission IC design industry and provide insights into the latest trends in the IC industry.
Market Knowledge & Data Guides
An Introduction to IFRS S1！Align quantitative method with ESG
Greenwashing refers to companies trying to gain public trust by claiming to have environmental, social, and corporate governance (ESG) contributions or making carbon reduction declarations, but taking little action. To prevent such behavior and to strengthen corporate focus on sustainable ESG disclosure, the International Financial Reporting Standards Foundation (IFRS Foundation) has developed a globally applicable set of sustainability disclosure standards with an accounting foundation—the IFRS Sustainability Disclosure Standards. In this article, we will start by introducing the IFRS Foundation, and then delve into the main content of the IFRS S1 as well as how Taiwan aligns with international sustainability disclosure standards.
Industry Insights
2024 New Independent Director Regulations hits the road! What impacts may be led to?
To strengthen the duties of boards and enhance the sustainable value of enterprises, TWSE and TSE amended the “Corporate Governance Best Practice Principles for Listed and OTC Companies”. Starting from 2024, the new framework mandates that at least a third of the board seats in listed and OTC companies must be held by independent directors, with a maximum of three consecutive terms. By 2027, this requirement will be applied to all listed and OTC companies.
Industry Insights
Taiwan’s Satellite Communication Industry: An Insightful Overview
Satellite communication, offering broader coverage, is seen as a complementary communication method.
Industry Insights
What are AT1 bonds? The Risks Behind its High Yield
In 2023 bank collapsed, with UBS’s acquisition causing Credit Suisse’s AT1 bond cancellation. As investors, do we know the intricacies of AT1 bonds and savvy strategies to navigate their potential risks?
Industry Insights
BenQ-AUO Group (2352. TW): Form Joint Task Force for a Voyage into New Oceans!
In 2014, CiHong Chen presented the blueprint for the Joint Task Force, aiming to expand the BenQ-AUO group’s scale and enhance resource integration. After several years, has this Joint Task Force successfully realized synergies?
Industry Insights
Transformation and Turmoil in the Gaming Industry’s Business Landscape!
The gaming industry has been actively investing in R&D to cater to gamers. However, the industry’s turmoil has led to significant changes in the ownership of gaming companies…
Industry Insights
CDF Holding (2883. TW)& Chailease (5871. TW): Who Emerges Victorious in the Gu Family’s Business Race?
Have the CTBC, KGI, and Chailease groups successfully carried forward the glorious tradition of the Gu family’s financial empire? What achievements have the Gu family’s group enterprises secured individually?
Industry Insights
Reviving from the Shadows: The Passive Component Industry Awaits the Dawn of Recovery!
Have Taiwanese manufacturers in the passive components industry witnessed any shifts amidst the 2023 decreasing demand challenges?
Industry Insights
Decoding Side Pocket Accounts: Advancements in Fund Liquidity Risk Management
To ensure the liquidity of mutual funds, the Financial Supervisory Commission (FSC) has recently allowed fund management companies to adopt the “Side Pocket” mechanism …
Industry Insights
CTBC (2891. TW) & CDF Holding (2883. TW): The Gu Brothers Expanding Respective Business!
After the separation in 2002, the CTBC Group reached another moment of division. In this separation, LianSong Gu’s three sons lead the CTBC, KGI, and Chailease groups, respectively…
Industry Insights
Taiwan Cement (1101.TW): Embark on the Journey of Taiwan’s Cement Empire!
How did LuKang’s Gu family, particularly Taiwan Cement Group, fare after embarking on the path of separation?